ChipX Names Elie Massabki Vice President of Marketing; Communications IC Industry Veteran Joins Leading Structured ASIC Firm.

Business Editors/High-Tech Writers

SANTA CLARA, Calif.--(BUSINESS WIRE)--April 26, 2004

ChipX, the Structured ASIC leader, today announced the appointment of industry veteran Elie Massabki to the position of Vice President of Marketing. In his new role, Massabki will be instrumental in driving ChipX's growth as a key supplier of multi-purpose Structured ASICs. Massabki will be responsible for developing and implementing a strategy to maintain the company's market-leading position as Structured ASICs become a well-recognized mainstream business.

"The Structured ASIC market is on the cusp of a crucial growth phase in its evolution," observed Massabki. "Product development teams need solutions that fit between the performance limitations and high unit costs of FPGAs and the investment risks and design inflexibility of traditional, full-custom ASICs. I am very excited to be joining ChipX and I look forward to focusing and refining our role in the rapidly expanding Structured ASIC market."

Massabki replaces Doug Bailey, who spearheaded ChipX's Structured ASIC strategy. "Doug was a pioneer in defining the Structured ASIC market. He played a pivotal role in our company's transition from quick-turn ASIC specialist to a leading supplier of Structured ASICs," noted ChipX President and CEO Amnon Fisher. "I sincerely appreciate Doug's contributions to ChipX and wish him success in his new endeavors."

Wealth of Expertise

With nearly twenty years of experience in high-tech product marketing and management, Massabki brings a wealth of expertise to ChipX, particularly in the areas of communications IC marketing. He joins ChipX from Mindspeed Technologies, Inc. (Nasdaq:MSPD), a developer of ICs for network infrastructure applications and a spin-off of Conexant Systems, Inc. (Nasdaq:CNXT).

At Mindspeed, Massabki served as Executive Director of Marketing, where he led the company's diversification strategy into the rapidly growing Voice-over-IP (VoIP) enterprise market and grew Mindspeed's presence from virtually nothing to a market-leading position in design wins. Prior to his most recent role, Massabki was responsible for Mindspeed's switch fabric and SerDes products targeted at a range of applications, from wide area network (WAN) and storage area network (SAN) switches and routers to backplane interconnects and Ethernet products.

Massabki's position at Mindspeed immediately followed his role as Director of Marketing for HotRail, where he helped successfully position the company for acquisition by Conexant for $400M. He played a key role in licensing HotRail's SerDes technology to Xilinx (Nasdaq:XLNX) for integration into the popular Virtex-II Pro family of products.

Prior to his position at HotRail, Massabki served as Director of Marketing at IDT (Integrated Device Technology, Inc.). There he led the product marketing effort for IDT's MIPS Microprocessor division. Massabki joined IDT after spending three years as a Product Marketing Manager for VLSI Technology, where he focused on defining IP cores and marketing ASICs for networking applications. Prior to VLSI, Massabki held various product management, engineering and sales positions.

Massabki holds an MBA from Santa Clara University and a BSEE from California State University at Long Beach.

About ChipX

ChipX is a leading manufacturer of late-stage programmable application-specific integrated circuits, or Structured ASICs. The company's innovative, patented technology consolidates wafer production tooling, reduces time-to-market and minimizes the cost of initial production. ChipX's Structured ASIC technology is widely used in communications, high-end consumer electronics, industrial control, medical equipment, automotive telematics, computing peripherals, and military/aerospace systems. Headquartered in Santa Clara, Calif., ChipX is a privately held corporation, founded in the U.S. in 1989.

This press release contains forward-looking statements based on current information available to ChipX as of the date hereof. These statements are based on Management's current expectations and may ultimately prove to be incorrect or false. Factors which could cause future results to differ materially from the results discussed, implied, or forecasted in the forward-looking statements include delays in scheduled product availability dates (which could result from various occurrences including development or testing difficulties, software errors, shortages in appropriately skilled engineers and project management problems); the risks inherent in the commercialization of the Company's anticipated products and services; shifts in customer or market demand for the Company's anticipated products; the impact of competitive products and pricing; and possible disruptive effects of organizational changes, including retaining key personnel and coordinating operations. ChipX assumes no obligation to revise or update any forward-looking statements contained in this press release.

All other products or service names mentioned herein are the property of their respective owners.